The European Bank for Reconstruction and Development (EBRD) has confirmed that it is snapping up to USD 100 mn worth of Scatec’s USD 334.5 mn green bond issuance to refinance its six solar plants in Benban. The EBRD is also providing a USD 30 mn credit enhancement facility for participating institutional investors, the bank said in a statement (pdf) right before the Eid break. The 19-year issuance was fully snapped up by institutional investors, most of them development finance organizations, the Madbouly cabinet said last month.

Who else is getting in on the transaction? Development finance institutions subscribing to the offering include the US International Development Finance Corporation (DFC), the Dutch Entrepreneurial Development Bank (FMO), the German Investment Corporation (DEG), and a number of private global investors.

This is the first renewable energy, corporate green bond issuance in Egypt. CIB issued the country’s first private sector green bond last year with a USD 100 mn issuance supported by the International Finance Corporation, the proceeds of which were earmarked to finance green buildings.

That’s not all: “The EBRD will support the regional economic development of the Aswan governorate in the country,” the statement read. The bank plans on introducing a certified training program for agribusiness entrepreneurs in and around Benban, with a specific focus on youth and women.